Fanuc Corporation cancelled the acquisition of remaining 33.4% stake in Mold Institute Ltd. from Kuroda Precision Industries Ltd., Makino Milling Machine Co., Ltd. and other shareholders.
October 24, 2018
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Fanuc Corporation (TSE:6954) agreed to acquire remaining 33.4% stake in Mold Institute Ltd. from Kuroda Precision Industries Ltd. (TSE:7726), Makino Milling Machine Co., Ltd. (TSE:6135) and other shareholders for approximately ¥410 million on October 25, 2017. Fanuc Corporation will pay ¥202,488.17 per share in cash to the shareholders of Mold Institute Ltd. Pre deal, Fanuc Corporation held 66.6% stake and post completion of the deal, it will hold 100% stake in Mold Institute Ltd. which will be dissolved on closing.
For the year ended March 31, 2017, Mold Institute Ltd. reported net sales of ¥303 million and operating income of ¥46 million. As of March 31, 2017, Mold Institute Ltd. reported net assets of ¥1.18 billion and total assets of ¥1.24 billion. The transaction was resolved by the Board of Directors meeting of Fanuc Corporation on October 25, 2017. The transaction will be resolved by the general meeting of shareholders of Mold Institute Ltd. on October 26, 2017 and the merger agreement is planned to be concluded on October 26, 2017. The approval of the resolution of shareholders of Fanuc Corporation is not necessary. Mold Institute Ltd. will be merged into Fanuc Corporation as of January 1, 2018. The impact by the transaction for the consolidated results of Fanuc Corporation for the fiscal year ending March 31, 2018 is negligible.
Fanuc Corporation (TSE:6954) cancelled the acquisition of remaining 33.4% stake in Mold Institute Ltd. from Kuroda Precision Industries Ltd. (TSE:7726), Makino Milling Machine Co., Ltd. (TSE:6135) and other shareholders on October 25, 2018.
KURODA PRECISION INDUSTRIES LTD. is a Japan-based company mainly engaged in the manufacture and sale of ball screws, tooling for machining centers, precision molds, measuring devices, machine tools, among others. The Company operates through three business segments. Drive System segment is engaged in the manufacture and sale of precision grinding ball screws, rolled ball screws, ball screw actuators, XY stages, guides, gears, among others. Mold System segment is engaged in the manufacture and sale of laminated precise press molds, motor core molds and precise metal press products, among others. Industrial Tools and Measuring System segment is engaged in the manufacture and sale of tool holders, gauges, surface grinders, ultraprecision mirror polishing machines, ultra-precision surface shape measuring equipment, electronic devices and compressors, among others.
Fanuc Corporation cancelled the acquisition of remaining 33.4% stake in Mold Institute Ltd. from Kuroda Precision Industries Ltd., Makino Milling Machine Co., Ltd. and other shareholders.